Shanghai stocks close at new high since December 30

Banking shares lead gainers after posting solid earnings growth and investors buoyed by central bank's injection of liquidity in financial system.

Shanghai stocks closed today at a new high since December 30, 2015, as banking shares led gainers after banks posted solid earnings growth and also on the Chinese central bank’s liquidity boost to the banking system.

The Shanghai Composite Index jumped 1.29 percent to close at 3,546.50 points.

The banking sector rose 3.35 percent and the property sector added 2.22 percent, according to data from Chinese financial data provider Wind Information Co.

"Blue chips such as banking and property shares have been favorable among investors since the beginning of this year. Banking shares performed well today, with an increase of more than 5 percent," said Zhang Qi, an analyst at Haitong Securities. 

China Merchants Bank Co Ltd said today that its business has steadily improved in 2017. Its operating income rose 5.4 percent year on year to 221.02 billion yuan (US$34.5 billion) in 2017, according to its financial report released today. The bank's total profit gained 14.82 percent from 2016 to 90.66 billion yuan last year.

China Merchants Bank Co Ltd added 2.93 percent to 34.05 yuan.

The Industrial and Commercial Bank of China added 4.46 percent to 7.49 yuan and Bank of China jumped 8.72 percent to 9.85 yuan. Jiangsu Wujiang Rural Commercial Bank Co Ltd surged by the daily limit of 10 percent to 10.21 yuan.

Investors were also buoyed after the People’s Bank of China again injected a net liquidity of 170 billion yuan into the financial market via reverse repurchase agreements, according to a statement published on its official website today.

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